The Monetary Authority of Singapore (MAS) has awarded Digital Treasures Center (DTC), a next generation payment company, In-Principle Approval (IPA) to provide digital payment token service together with other payment services.
Digital payment tokens are commonly known as cryptocurrency. DTC is among the first few applicants to receive the go-ahead to provide digital payment token services.
“We are delighted to receive MAS’ nod of approval. It is a testament of DTC's strong compliance and regulatory culture. This demonstrates that DTC can comply with regulations around digital payment tokens and other payment services while achieving a sustainable business model, said Desmond Yong, Chief Strategy Officer, DTC, who led the license application.
Once DTC has fulfilled all the criteria listed under the IPA, the company will be able to render the following payment services:
1. Account Issuance Service - open accounts for merchants and consumers to accept and pay e-money and non-card transactions.
2. Merchant Acquisition Service - enable merchants to leverage DTC services to accept and process payment transactions online and offline.
3. Domestic Money Transfer Service - provide local money transfer services in Singapore.
4. Cross-border Money Transfer Service - provide cross-border money transfer services globally.
5. E-money Issuance Service - issue e-money for merchants and consumers.
6. Digital Payment Token Service - facilitate transactions with digital payment tokens.
With a license under the Payment Services Act to offer Digital Payment Token services, DTC will be able to provide fiat-to-crypto pairing. This allows merchants to accept cryptocurrencies—including Bitcoin, Ethereum and Tether—and convert them into fiat including SGD and USD.
Founded in 2019, DTC began as a Singapore payment company offering payment solution that enables merchants to connect online and offline payment, as well as accept cryptocurrency payments. Since then, DTC has serviced a diverse group of merchants ranging from finance to lifestyle industries. The company has helped transform how merchants accept payments to include cryptocurrency. DTC has also won numerous awards, including the prestigious Partners of FinTech award at the Singapore FinTech Award 2021, which recognizes innovation within Singapore’s payment industry.
“The crypto industry is a multi-trillion-dollar market experiencing exponential adoption rate with the growth of DeFi, NFT and Metaverse,” said El Lee, Chief Operating Officer and Co-founder of DTC. “We seek to empower merchants to do business globally by opening a secure payment gateway to seamlessly accept crypto, cash and card. ”